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Financial ombudsman service reports PPI claims continue to increase

Financial ombudsman service reports PPI claims continue to increase

PPI claims (Payment Protection Insurance claims) have been in the financial news for some time now, due to the mis-selling scandal that has occurred over a number of years now. The scandal has affected literally thousands of people all over the UK, as dishonest financial advisers and other intermediaries duped their clients into purchasing payment protection insurance when it was not suitable for their needs. Some people were talked into buying PPI when it would not actually benefit them at a time that they would need to claim it; others were persuaded that PPI was compulsory with their new loan or credit card, and others did not even know they were purchasing it, as it was tacked onto their new products by dubious, immoral advisers.

When the scandal emerged there was inevitable uproar and it has led to thousands of PPI claims being made for compensation, for money that people have wasted with this policy. People have been lodging such claims for some years now and interesting recent news states that claims continue to increase.

Significant Rise in PPI Claims

Recent reports from the Financial Ombudsman Service (FOS) have proved very interesting to anyone making PPI claims, as well as to banks and intermediaries who have arranged payment protection insurance in the past. The FOS states that in the last quarter of 2010, October to December, PPI claims actually rose to 24,955. This figure represents an increase in complaints of a massive 17% when compared to the previous financial quarter. This figure is also greatly significant as it means that complaints in the last quarter “totalled more than 50% of those received in the whole of the previous year” (Broking.co.uk).

This seems to illustrate that PPI claims are not being swept under the carpet and that now is as a good a time as any to make a claim, to reclaim money wasted on mis-sold insurance products.

Information and Help with PPI Claims from PPI Return

PPI Return is a division of Goldsmith Williams law firm and this branch can help you reclaim any money you are entitled to through PPI claims. PPI Return is home to a team of experienced lawyers who have the expertise needed to get you what you deserve if you have been mis-sold loan insurance. For more information about PPI browse the rest of the website.

Filed under: PPI, PPI Claims | Posted on November 18th, 2012 by Michael Jordan

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